Winnipeg, MB –The City of Winnipeg’s first quarterly financial update will be presented at the meeting of the Standing Policy Committee on Finance on June 5, 2018. The Financial Status Report to March 31, 2018 cites a projected shortfall in the tax-supported operating budget (General Revenue Fund) of $12.1 million.
The City anticipates that the projected deficit will decrease over the remainder of the year based on forecasted financial improvements, as well as through continued efforts to control expenses without impacting the delivery of core services.
Non-collection of customer receivables for ambulance services and forecasted billings, combined with forecasted billings for 2018 resulted in a net $2.0 million negative impact in this forecast. Discussions with Shared Health for 2018 funding are ongoing. Higher overtime costs in the Fire Paramedic Service, police pension contributions, additional civic pension contribution adjustments and reduced traffic enforcement revenues are also contributing to the projected deficit.
“Historically, the City’s first quarter projected deficit is greatly reduced or eliminated by year end,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “I believe the City is on the right track to balance throughout the remainder of this fiscal year. However, we must continue to control expenses as outstanding provincial funding grants and unforeseen circumstances could adversely impact the budget.”
The City’s financial update is publicly available through the Decision Making Information System (DMIS).